In a decisive action against fraudulent builders, the Enforcement Directorate (ED) has provisionally seized three properties valued at Rs 15.40 crore located in Farrukh Nagar, part of Gurugram district in Haryana. These properties belong to Savyasachi Infrastructure, which is accused of deceiving homebuyers by failing to deliver housing units after receiving booking payments, as reported by an official on Thursday.

The ED's Gurugram Zonal Office has taken this action under the Prevention of Money Laundering Act, 2002 (PMLA), as stated in a press release.

The investigation into Savyasachi Infrastructure Private Limited was prompted by three FIRs filed by the Haryana Police and the Delhi Police's Economic Offences Wing, citing various sections of the Indian Penal Code (IPC), 1860, against the company, its Director Vijay Rajan, and others.

Savyasachi Infrastructure launched multiple schemes including 'Amaya Greens Project', 'Amaya Greens Extension', and 'Amaya Bazar'. They solicited funds from buyers for plots, flats, and shop-cum-offices (SCOs) in these three projects situated in Sector-3 of Farrukh Nagar. However, the company failed to deliver on its promises and did not refund the investors' money.

Investigations revealed that in 2019, Savyasachi Infrastructure began taking bookings based on misleading claims, lacking essential licenses from regulatory authorities, approvals, or even land ownership rights for the proposed developments.

Moreover, the company attempted to transfer assets by executing conveyance deeds of plots that had already been promised to some customers in favor of third parties linked to Savyasachi Infrastructure.

The company guaranteed possession of the plots and SCOs within a year, along with assured returns on the investment amounts until possession was granted. Nevertheless, Savyasachi Infrastructure failed to deliver on either the properties or the promised returns, consequently defrauding over 100 investors.

It was found that the directors and promoters of Savyasachi Infrastructure misappropriated the funds collected from buyers to acquire land through proxies.

As per current investigation results, the total illicit gains from this case amount to nearly Rs 18 crore.

The police have submitted charge sheets in all three FIRs against Savyasachi Infrastructure Private Limited, its Directors Vijay Rajan, Harsh Khanna, and other associates such as Deepak Gupta, Manish Tushir, Mohan Lal, Manoj Dubey, Asha Kaushik, Raghav Kaushik, Sanjeev Sharma, and Satyajeet Singh.

In a statement made on the social media platform X, the ED declared, "The ED's Gurugram Zonal Office has provisionally attached three immovable properties located in Farrukh Nagar, valued at Rs 15.40 crore, under PMLA, 2002, as part of a money laundering case linked to the fraudulent activities against unsuspecting homebuyers and investors by Savyasachi Infrastructure Private Limited and others."